TRM Research Reveals Nobitex and TRON Dominate Iran’s Cryptocurrency Market
A recent study conducted by TRM, a blockchain intelligence firm, has shed light on the state of Iran’s cryptocurrency economy. The research analyzed data from various exchanges operating in Iran and found that Nobitex, a local exchange, processed 87% of the transfer volume, which amounts to around $2.6 billion. The TRON chain dominated the transfer volume with a 65% share.
Money Laundering And Illegal Activities
Despite concerns over money laundering and illegal activities, TRM’s analysis found that Iranian exchanges received only 0.08% of illegal volume, which is slightly below the global average in 2022. This suggests that the Iranian government’s efforts to regulate the cryptocurrency market are paying off, at least in terms of reducing illicit activities.
Nobitex’s dominance in the market
Nobitex’s dominance in the market is due to its ability to facilitate transactions in Iranian Rials, which is the country’s national currency. The exchange has been in operation since 2018 and has quickly gained popularity among Iranians looking to trade cryptocurrencies. The platform supports several cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
TRON’s popularity in Iran can be attributed to its high transaction speed and low fees. The TRON chain is a decentralized platform that allows developers to create decentralized applications (dApps) and execute smart contracts. It has gained popularity among developers and users due to its scalability and low transaction costs.
The TRM report also revealed that the Iranian government has been actively trying to regulate the cryptocurrency market. In 2019, the government passed a law that recognized cryptocurrency mining as an industry. The law mandates that miners must obtain licenses from the Ministry of Industry, Mines, and Trade, and the electricity they consume must be paid for at the export rate.
Additionally, the Central Bank of Iran has been exploring the possibility of launching a digital currency backed by the Rial. The move is aimed at reducing the country’s reliance on the US dollar and avoiding economic sanctions imposed by the US.
The TRM report is a significant development in understanding the Iranian cryptocurrency market. The research shows that the market is growing rapidly, and the government’s efforts to regulate it are bearing fruit. However, there are still concerns over the use of cryptocurrency for illegal activities, and the Iranian government must continue to work with blockchain intelligence firms to monitor and prevent such activities.